Valero Energy plans to buy 6.5 million barrels of Venezuelan crude in March, becoming the top foreign refiner of the OPEC country’s oil. Chevron, the only U.S. major producing oil in Venezuela, is expected to boost exports to 300,000 bpd in March. Valero has a long-term supply agreement with PDVSA.

Venezuela’s oil production and exports are expected to dramatically increase in the coming months. U.S. Secretary of Energy Chris Wright stated that oil sales from Venezuela under U.S. control have totaled $1 billion since Maduro’s capture. The United States has been issuing general licenses since January authorizing various oil-related activities.

Valero is considering buying oil directly from PDVSA under new authorizations to expand volumes further. However, PDVSA is currently refusing to sell to companies without individual U.S. licenses. Valero has the second-largest U.S. refining network capable of processing Venezuelan heavy oil, with plans for expansion in 2023.

Read more at Yahoo Finance: Exclusive-US refiner Valero to import up to 6.5 million barrels of Venezuelan crude in March, sources say